Company says a stock split will boost liquidity and ensure common shares remain accessible to retail investors and employees.Nathan Denette/The Canadian Press
George Weston Ltd. WN-T says its second-quarter profit available to common shareholders amounted to $258 million, down from $400-million in the same quarter last year.
The company, which holds large interests in Loblaw Cos. Ltd. L-T and Choice Properties REIT CHP-UN-T, says the drop in profit from last year came in part because of a fair value adjustment of a trust unit liability.
On an adjusted basis, the company says it earned $401-million or $3.06 per diluted share for the quarter, up from an adjusted profit of $394-million or $2.93 per diluted share a year ago.
Analysts on average had expected an adjusted profit of $3.37 per diluted share, according to LSEG Data & Analytics.
Revenue for the quarter totalled $14.82-billion, up from $14.09-billion in the same quarter last year.
George Weston, whose shares stand at around $260 each, also announced a three-for-one stock split in a move it says will ensure common shares remain accessible to retail investors and employees, and to improve liquidity.